USDINR has resistance near 75.00/$ and 74.40/$ as support, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
Indian rupee ended marginally lower at 74.83 per dollar on July 24, amid selling seen in the domestic equity market.
It opened 19 paise lower at 74.94 per dollar against Thursday's close of 74.75 and remained in the range of 74.80-74.98.
At 14:07 IST, the Sensex was down 152.55 points or 0.40% at 37987.92, and the Nifty was down 58.80 points or 0.52% at 11156.70.
"Rupee traded weak by 0.20 paise near 74.80/$ as Gold prices surge pass 50000 in Domestic and USD 1880 in Spot Gold making it more expensive for importers which increases the import bill. USDINR has resistance near 75.00/$ and 74.40/$ as support," said Jateen Trivedi, Senior Research Analyst at LKP Securities.
Oil edged up on Friday as the dollar fell to an almost two-year low, although demand concerns stemming from rising coronavirus cases and U.S.-China tensions kept a lid on prices.Despite the Dollar index remaining choppy, the US$INR saw long accumulation for two days. However, we do not feel it will sustain above its sizeable Call base of 75, said ICICIdirect.
The dollar-rupee contract on the NSE was at 74.84 in the last session. The open interest rose 5.8% in the last session, it added.
First Published on Jul 24, 2020 10:00 am